Healthcare affordability has become a greater struggle for Americans, with the percentage of Americans who can afford and access prescription drugs and quality healthcare at 55%, a six-point decline since 2022.
The finding is from the West Health-Gallup Healthcare Affordability Index, released July 17, which is part of the West Health‑Gallup 2024 Survey on Aging in America, conducted by web and mail from Nov. 13, 2023, to Jan. 8, 2024, with 5,149 adults nationwide. The index was developed in 2021, and 55% represents the lowest percentage since West Health, a group of nonprofit organizations, and Gallup began tracking healthcare affordability.
Researchers primarily attribute the downturn to two groups: adults ages 50 to 64 and adults age 65 and older. They found that the percentages of "cost secure" adults ages 50 to 64 — meaning they have had no recent occurrences of a household member being unable to afford care or medicine and could easily afford quality healthcare if they needed it today — has dropped eight points since 2022, to 55%.
During the same period, the percentage of cost secure adults age 65 and older also dropped eight points, to 71%. The percentage of cost secure adults ages 18 to 49 dropped five points, from 52% to 47%.
"After an uptick in 2022, healthcare affordability in America is headed in the wrong direction," Timothy Lash, president of West Health, said in a news release. "The good news is that healthcare provisions in the Inflation Reduction Act — including empowering Medicare to negotiate lower drug prices, which has not yet taken effect — may help slow these negative trends and provide more stability. But much more must be done to rein in prices for Americans of all ages. High prices are one of the biggest impediments to a healthy aging population and a prosperous economy."
Read more about the survey findings here.